Lunchtime ASX small cap wrap: Who’s hoping for a miracle today?
Prime Minister Scott Morrison has set the date for this year’s federal election, thus setting off a five-week campaign sure to be filled with the inevitable thrills and spills.
It all comes to a head on May 18, when democracy sausages will be devoured and how-to-vote pamphlets will be handed out en masse as Australians head to the ballot box.
And based on the early polling and betting market odds, the incumbent Liberal Party will be hoping for a miracle after a tumultuous year which saw the downfall of former PM Malcolm Turnbull last August.
A few ASX small-caps are also praying for a miracle today, with the usual round of minnow stocks suffering some heavy falls.
More broadly, the ASX Small Ordinaries was down 11 points by 12:15pm AEST at 2,778.30, an intra-day fall of 0.4 per cent.
Alloy Resources (ASX: AYR) was top of the pops in morning trade, posting a 50 per cent gain to 0.3 cents after posting some good news about its Horse Well gold project — a joint venture with Silver Lake Resources.
Alloy said total inferred resources at the Horse Well JV now total 237,800 oz, a 300 per cent increase from previous estimates.
Here are the best performing ASX small cap stocks at 11.30am on Thursday, April 11
Data-sharing company Shareroot continues to struggle for traction, as it lost 50 per cent of its value to fall back to 0.1 cents (on no news) — a price range where it’s been bouncing around in recent weeks. 333D, the embattled 3D printing company, also halved in value to 0.1 cents.
Elsewhere, coal miner Intra Energy (ASX: IEC) fell by almost 25 per cent to 2.5 cents, after announcing that its Caspian court case has been postponed “to provide the court more time to appoint a judge to the case”.
Here are the worst performing ASX small cap stocks at 11.30am on Thursday, April 11